MIRA
INFORM REPORT
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Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ABACUS EQUIPMENTS ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
63/1, 4th Street Padmanaban Nagar, Adyar, Chennai 600020,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
14.06.2006 |
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Com. Reg. No.: |
060220 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U52392TN2006PTC060220 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Dealer and Service Provider of High voltage Air Conditioner |
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No. of Employees
: |
25 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1196 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the financials of the company with the Government
Departments after the year 2007. However, trade relations are reported as
fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Kamakshi |
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Designation : |
Accounts Manager |
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Contact No.: |
91-44-24468578 |
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Date : |
02.11.2011 |
LOCATIONS
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Registered Office : |
63/1, 4th Street Padmanaban Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
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Tel. No.: |
91-44-24468578 |
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Fax No.: |
91-44-32008098 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
AS ON 27.09.2007
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Name : |
Mr. Shiju Rajan |
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Designation : |
Director |
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Date of Birth/Age : |
06.12.1978 |
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Date of Appointment : |
14.06.2006 |
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Name : |
Mrs. Shdini Rajan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Kamakshi |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2007
|
Names of Shareholders |
No. of Shares |
|
Shiju J Rajan |
7500 |
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Shalini T |
2500 |
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Total |
10000 |
AS ON 27.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer and Service Provider of High voltage Air Conditioner |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Fridge Sales |
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Customers : |
·
FL Smith ·
End Users |
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No. of Employees : |
25 Approximately |
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Bankers : |
·
Kotak Mahindra Bank, Adyar Branch, Chennai,
Tamilnadu, India ·
Syndicate Bank, Thiruvanmiyur Branch, Chennai
600041, Tamilnadu, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M Viswanathan Chartered Accountant |
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Address : |
10, Salai Street, Mylapore, Chennai 600004, Tamilnadu, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 27.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10 each |
Rs.0.100 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10 each |
Rs.0.100 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
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Sales Turnover (Approximately) |
|
18.500 |
15.000 |
Expected Sales (2011-2012) : Rs.25.000 millions
The above information has been parted by Mr. Shiju Rajan
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.199 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.299 |
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LOAN FUNDS |
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1] Secured Loans |
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0.157 |
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2] Unsecured Loans |
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0.744 |
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TOTAL BORROWING |
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0.901 |
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DEFERRED TAX LIABILITIES |
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0.010 |
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TOTAL |
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1.210 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.158 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.016 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.330 |
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Sundry Debtors |
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0.468 |
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Cash & Bank Balances |
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0.155 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.060 |
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Total
Current Assets |
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2.013 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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0.663 |
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Other Current Liabilities |
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0.000 |
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Provisions |
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0.320 |
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Total
Current Liabilities |
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0.983 |
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Net Current Assets |
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1.030 |
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MISCELLANEOUS EXPENSES |
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0.006 |
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TOTAL |
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1.210 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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SALES |
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Sales |
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12.485 |
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Other Income |
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0.000 |
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TOTAL (A) |
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12.485 |
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Less |
EXPENSES |
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Cost of Materials |
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Manufacturing Expenses |
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Employees Remuneration |
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12.150 |
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Increase/(Decrease) in Finished Goods |
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TOTAL (B) |
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12.150 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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0.335 |
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Less |
FINANCIAL
EXPENSES (D) |
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NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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0.335 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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0.013 |
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PROFIT BEFORE
TAX (E-F) (G) |
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0.322 |
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Less |
TAX (H) |
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0.123 |
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PROFIT AFTER TAX
(G-H) (I) |
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0.199 |
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Earnings Per
Share (Rs.) |
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-- |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
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PAT / Total Income |
(%) |
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1.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.83 |
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Return on Investment (ROI) (PBT/Networth) |
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1.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.04 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL:
The financial year 2006-07 is a debut performance for their company. An
enthusiastic growth from very inception of the company i.e.,14th June 2006.
onwards. The Company has taken keen steps in procuring firm and secured orders
from big corporate to tiny companies. With a team of excellent professionals
the company laid a very solid foundation, which has boosted towards the
targeted goal. In the global competition, the company exhibited its best
performance by achieving the debut turnover of Rs. 12.485 millions in a span of
9 months. Gross Profit for the year is Rs. 1.090 millions and Net Profit before
Tax and Depreciation is Rs. 0.336 million.
COMPANY OVERVIEW:
The Company Abacus Equipments Engineering Private Limited is engaged in
the business of erection, commission and installation of refrigeration and Air
Conditioners for Private sectors in the country.
FIXED ASSETS:
·
Computer
·
Furniture
·
Tools and Equipments
·
Vehicle
FORM 8
|
Corporate
identity number of the company |
U52392TN2006PTC060220 |
|
Name of the
company |
ABACUS EQUIPMENTS ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
63/1, 4th Street Padmanaban Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
|
This form is for |
Creation of
charge |
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Type of charge |
Movable property (not
being pledge) Others |
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Particular of
charge holder |
Syndicate Bank, Thiruvanmiyur Branch, Chennai 600041, Tamilnadu, India |
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Nature of instrument
creating charge |
Composite Hypothecation Agreement . |
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Date of
instrument Creating the charge |
16.06.2009 |
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Amount secured by
the charge |
Rs. 2.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest PLR+0.50%, 13% Margin 25% |
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Short particulars
of the property charged (Including location of the property) |
AC Systems,
machineries, Tools, spares, etc. at 63/1 IV street Padmanabha Nagar, Adyar,
Chennai- 20 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
-- |
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12) Profitability for last three years |
-- |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
-- |
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15) Capital in the business |
-- |
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16) Details of sister concerns |
-- |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if
applicable) |
-- |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
|
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.